Xinyi Shi authored a document summarizing macroeconomics topics including:
(1) Definitions of macroeconomics, macro data, and macro models.
(2) How changes in variables like saving rates, population growth, and technology affect economic growth and steady state GDP.
(3) A simulation of rational expectations theory showing how monetary supply, demand, and GDP impact equilibrium price levels and inflation.
(4) A field trip summary to a stablecoin company called Liquity and how its business model applies monetary policy concepts.
(5) A research proposal on how to increase adoption of decentralized monetary products through individual consulting and behavioral experiments.
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The process of liberalization post 1991 paved the way for the emergence of deregulated markets in India. It represented a shift from the import substitution oriented industrialization to the export promoting industrialization. The commanding role assumed by the state in the earlier era gave way to the market dominated economy. However certain indicators of public finance remain a cause of concern. We examine the relationship between fiscal deficit, government debt and taxes in this era of economic liberalization.
Devanayagam_Impact of Macroeconomic Variables on Global Stock MarketsDevanayagam N
This presentation is about how macroeconomic variables such as GDP, GDP growth rate, Inflation, Unemployment Rate and Development Status of countries influence the performance of Global stock markets (Stock Exchanges across the world).
The process of liberalization post 1991 paved the way for the emergence of deregulated markets in India. It represented a shift from the import substitution oriented industrialization to the export promoting industrialization. The commanding role assumed by the state in the earlier era gave way to the market dominated economy. However certain indicators of public finance remain a cause of concern. We examine the relationship between fiscal deficit, government debt and taxes in this era of economic liberalization.
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FDA Website AssignmentGo to FDA website www.fda.gov1. Under “Laws FDA Enforces”, go to the Federal Food, Drug and Cosmetic Act and read Chapter 2, Definitions, particularly the definition of drugs and devices.2. Write a paper, 500 words, describing A. three things that you as a consumer can learn from the web page andB. three things that you as a part of industry can learn from the web page
Background
Following the finish of the common war and the adjustment of the residential cash by the national bank, the principal compensation change process occurred in 1996, and a novel correction in 2008 allowed a singular amount increment of LBP 200,000 every month for both open and private divisions representatives, conveying the lowest pay permitted by law up to LBP 500,000 from LBP 300,000.1 For the following sixteen years, in any case, there were no wage increments despite the fact that swelling continued rising and achieved a hundred percent and the acquiring energy of the Lebanese individuals began to drop significantly.2
In an examination led by the Lebanese Federation of Consumer Protection, Lebanon was positioned first among 14 Arab nations regarding high costs for meat, sugar, tea, and drain, and it positioned second when it came to tomato, potato, and vegetable oil costs. The investigation credited these outcomes to the nearness of ineffectively aggressive buyer markets (restraining infrastructures), and to the non-implementation of controls identified with settling business benefit margins.3 These variables and others have added to a noteworthy abatement in the offer of wages in the Gross Domestic Product, which a few substances claim to have achieved a low of 30%.4
By mid of 2011, speaks began mounting about the low level of wages that is keeping Lebanese laborers from fulfilling their essential needs in light of rising sustenance costs and the cost of fundamental administrations like power and transportation. In fact, the issue of wages modification wound up noticeably one of the best needs on general society scene over a five-month time frame between September 2011 and January 2012. These discussions were at first supported by a "political open door" that was emerged by the arrangement of another administration in July 2011 and which pronounced putting social equity among its priorities.5 They were likewise convenient on account of the drawing closer of the new scholastic year that involves along the weight of rising school and college educational cost charges.
The procedure began with an exchange among different concerned gatherings, including the Presidency of the Council of Ministers, the Ministry of Labor, monetary bodies, and worker's guilds. Notwithstanding, the level headed discussion swelled into a contention that undermined the solidarity of the administration before coming full circle in the selection of the wage alteration announce No. 7426 amid the January 18, 2012 session of the Lebanese Cabinet.
This area condenses ...
ECON 301 Week 5 DiscussionsGroup 2 US Trade PolicySummaryFor.docxjack60216
ECON 301 Week 5 Discussions
Group 2 US Trade Policy
Summary
For our group project we have decided to research, analyze, and formulate an argument on the World Trade Organization (WTO) in regards to the US Trade Policy. In our paper we have discussed what WTO stands for and the goal of this organization. We have also addressed the latest form of trade negotiations among the WTO membership – Doha Development Round and the controversial topics of protectionism and free trade. Among the research we have performed, we as a group have come to a conclusion that we support this organization. Although there are incomplete developments that still need to be addressed, we continue to support this organization because of the fact that numerous nations come together in order to reform these conflicts.
Questions:
1. What makes free trade a better option than protectionism for the economic situation in the US?
2. What consequences would the WTO face if they acted unethically given their power?
Group 3 US Fiscal Policy
Fiscal Policy refers to the practice of monitoring spending levels and tax rates to try and influence our economy. Before the Great Depression, which started in the late twenties, our government had a hands off approach to the economy or a laissez-faire approach. After the Second World War it was deemed necessary for the government to become involved in our economy. (Heakal, Reem) They decided this would be necessary in order to attempt to influence unemployment, the business cycle and inflation. Of course there are many different ideas on the best approach and way to accomplish this.
The government takes initiative in trying to regulate unemployment, unemployment benefits, and taxation. They do this through the use of what is known as automatic stabilizers, which are programs and policies meant to balance fluctuations in the economy. During a recession, automatic stabilizers are expanded, and during an economic boom, the automatic stabilizers are reduced. An example of this would be unemployment benefits (David Weil). When there is a recession and unemployment is high, the government spends more money on unemployment benefits, whereas when the unemployment is low, the government spends less money on unemployment benefits. According to William J. Carrington, an analyst of the Congressional budget office, some of the fiscal policies used to reduce unemployment include household assistance (reducing employees’ taxes, increased unemployment insurance expenditures, and more refundable tax), business assistance, and financial aid to the states. Carrington also shows that to reduce unemployment, unemployment benefit policies must be modified such as an extension to the duration of benefits, reemployment bonuses, and offering wage insurance. Fiscal Policy can also be used to influence new ideas like those in alternative energies.
The United States government often tries to finds ways to stimulate the economy while looking towards its future. T ...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
3. Xinyi Shi
Political Economy (Economics track)
Xinyi is a junior student at DKU. She majors in Political Economy with track in Economics, and her
academic interests include industry insights, financial markets, and statistics.
She is currently a student researcher at DKU Environmental Economics Center, conducting research
about fishery policies in China. She hopes to apply the economic concepts she learns to her analysis
of macro policies, deepens her understanding of concrete knowledge as well as better prepares her
for future career in the business and big-data world.
She has taken several leadership roles, including joining the Leadership Academy, presenting in the
inaugural humanities research conference, and organizing the first mass art participation project at
DKU. She has learned python and R in her classes, and is willing to explore a diverse range of tools
for economic and data analysis. In her free time, she enjoys independent music, films, and yoga.
About the author
LinkedIn:
linkedin.com/in/shi-xinyi-809551201/
4. Dedication and Acknowledgment
In preparing this book, the author has received help from many people.
The biggest inspiration is from Prof. Luyao (Sunshine) Zhang, who is the instructor
of the course ECON 204 Macroeconomics, and generously shares her
knowledge and codes with us and help us achieve this final product.
I also want to thank my groupmates and classmates for helping me and
discussing the course content with me.
My thanks also go to our guest speakers, Robert, Dr. Liu, and William Zhao. Their
sharing has inspired me to explore macroeconomic applications in the real
business world.
6. Table of
Contents
Part I: Macroeconomics Briefings
Part II: Addressing Economic Growth: An
Interdisciplinary Approach
Part III: Simulate Rational Expectation Theory:
Inflation and Interest Rate
Part IV: Macroeconomics in Business Practice: a
field trip to Liquity
Part VII: Future Perspective: Decentralized
Monetary Policy
Reference
Epilogue
8. 1. What Is macroeconomics?
• Macroeconomists study income and output, unemployment, and inflation.
• Macroeconomists do not study the transaction in markets, for example, the price of
certain goods or the profit of a company.
Current problem: many macro models are too simple and idealistic, they cannot
capture current problems as the world develops; many concepts are also
interconnected, so the models may not be accurate enough.
9. 2. What are macro data?
https://ourworldindata.org/gr
apher/urbanization-vs-
gdp?time=2013
10. 2. What are macro data?
The data are percentage of urban
population and GDP per capita.
Dynamics: From the 1960s to 2016,
China and India are moving from the
bottom left to the middle of the figure,
which means that their share of urban
population and GDP per capita both
increase faster than the average.
Implication: China and India are
developing fast as two most populated
countries, and people are living far
more better lives now in general.
12. 4. Why study macroeconomics?
• Making fiscal and monetary policies related to aggregated economic indicators.
• Understanding and solving social problems created by unemployment and
inflation.
• Improving my IQ.
• Solving current problems: adjusting some of the current models by applying
cutting-edge technology to better solve new problems and make predictions
more accurate.
14. 1. “Why care about GDP per capita? And what
are the limitations?”
Importance
• A country‘s overall economic performance
• Comparison between countries
Limitation
• Inequality within a country
• Negative externalities like pollution
• Equal weights of infrastructure, consumption, and so on
15. 2. “The Convergence of Short-Term Economic
Growth.”
• The initial variables K0 and L0 will not change the steady state.
• If the initial labor L0 or initial capital K0 increases, the economic growth
will converge faster.
Example: K0=100 K0=200
16. 3. “The Steady State Per Capital GDP”
(1) Saving rate(s)
Increasing saving rate increases steady state capital per worker.
s= 0.5 s=0.7
18. (3) Population growth rate(n)
Decreasing population growth rate increases steady state capital per worker.
n=2 n=0.1
19. 4. “The Drive for long-term economic growth”(a)
• Increasing
technological
level(a) increases
stead state GDP
per capita.
• Technological
revolution is the
drive for long-term
economic growth.
20. 5. Reflection: Economic Growth
• I learned the influential basic models in macroeconomics and understood
how changes in different variables (saving rate, population growth rate,
technology…) will influence the steady state capital per worker. The data
visualization makes it clearer and easier to understand.
• I learned about the opportunities to contribute to macroeconomics, for
example, refining the model by changing its assumptions, and comparing
different realities in countries with different levels of development.
21. Part III: Simulate Rational
Expectation Theory: Inflation and
Interest Rate
22. 1. Executive Summary of Rational Expectation Theory
• The supply of money is determined by the government, and the demand of money is on the
household which can be calculated.
• The equilibrium price level is determined by the law of monetary demand and supply.
• When the monetary supply increases with monetary demand fixed, the equilibrium price level
increases proportionally.
• When the monetary demand decreases with monetary supply fixed, the equilibrium price level
increases.
• The equilibrium price level is countercyclical. When GDP increases, the equilibrium price level
decreases.
• When targeting at a specific price level, the monetary supply is procyclical. When GDP increases,
the monetary supply increases.
23. 2. Simulate the equilibrium price level
In equilibrium, the price level P (10) is determined by the law of supply and demand.
24. 2.1 Change in Monetary Supply
An increase in monetary supply 𝑀𝑀𝑆𝑆(from 1000 to 2000) increases the price level P
proportionally (from 5 to 10).
25. 2.2 Change in Monetary Demand
When technological development reduces the demand of fiat money, for example
from 1 to 0.7, the price level P increases from 5 to 7.14.
26. 2.3 Change in
monetary demand
from Real GDP
The price level is counter-cyclical, because when GDP increases from 10 to 15, the
equilibrium price level decreases from 5 to 3.33. When GDP increases, the society
develops and productivity increases, with the amount of money fixed, we can buy more
things at a lower price.
27. 2.4 Price Level Targeting and Endogenous Money
When targeting at a price level at 3, the monetary supply is procyclical because when
GDP increases from 10 to 20, the monetary supply must increase from 600 to 1200.
28. 3. Simulate inflation and interest rate
The real interest rate (-0.0096) almost equal to interest rate minus inflation rate (-0.01).
Even the nominal interest rate is 0.03, the real asset decreases from 20 to 19.81,
because the inflation rate (0.04) is higher than the interest rate (0.03). When we make
investment, we must look at the inflation rate.
29. 4. Simulate Government revenue by printing more money
Government can generate revenue
from printing more money. We can
see that when government print 5%
more money, the government
revenue is 9.52, which is 95% of the
GDP.
If miu becomes larger, we can
expect the government revenue to
increase more and it accounts more
than 100% of the GDP. This means
that the revenue has exceeded this
year’s GDP or the country has
already collapsed.
30. 5. Limitations of the Rational Expectation Theory
• The reality may not always match people’s expectations. Many models are
wrong because we have not taken all variables into consideration.
• Money is not always neutral. Variations in the money supply affect relative
prices over long periods of time.
• An increase in money supply may affect consumption, production, and
employment. When the price level changes, individuals and businesses may
have different behaviors toward the changes, which cannot be predicted by
the Rational Expectation Theory.
32. 1. Field Trip Summary
Company: Liquity
Founder and CEO: Robert Lauko
• After working on many layers of their Internet Computer
project, including consensus algorithms and incentive
mechanism design, Robert decided to revolutionize
decentralized borrowing and founded Liquity.
Content:
• As Decentralized Borrowing Protocol, Liquity offers interest-
free borrowing at a low collateral ratio. Liquity issues its own
LUSD and they can be redeemed at face value for the
underlying ETH collateral.
33. 2. Stablecoin and Liquity
Definition: Stablecoins are cryptocurrencies which are
designed to minimize price volatility and are backed
with real assets.
Different types of Stablecoins:
• Fiat-backed(Tether); Crypto-backed; Crypto-debt-
backed(Liquity); Algorithmic
Liquity is a stablecoin because borrower need to
deposit collateral. It has a novel redemption
mechanism that minimizes the need for governance.
LUSD can be redeemed at face value for the
underlying ETH collateral.
34. 3. Stablecoin and Monetary Policy
• Stablecoins are decentralized, which means no government or authority
has control over data processes.
• Referring to what we learned about Rules vs Discretion, stablecoins are
rule-base, which means they commit themselves to a designated mode of
automated set of rules.
• The benefits are transparency, efficiency, and an interest-free liquidity.
• It also includes rules to implement discretional policy. Often people can
vote to change the algorithm for stablecoins.
35. 4. Business Model of Liquity (1)
• Liquity issues LUSD tokens
• 1/3 of the tokens go to automated
issuance and 2/3 are sold or given
away to investors/ partners, etc
• The company then charges issuance
fees and redemption fees for profit
• The profits are reinvested into the
process to ensure the stability and
growth of the system
36. 4. Business Model of Liquity (2)
Satisfying needs:
• Its liquidation process is more efficient.
• It has a low collateral ratio of only 110%.
• Its stablecoins are redeemable at face
value against ETH.
Creating Values:
• Investors can have higher interest rates.
• Its decentralized nature makes it possible
for global usage.
37. 5. Reflection
and Takeaway
• First, this is a precious opportunity for me to learn
a cutting-edge business practice in
Macroeconomics, about stablecoin and
cryptocurrencies.
• Second, I learned that there are still many
problems need to be solved in the field of
macroeconomics, for example, how to reduce
transaction cost, how to increase the speed and
efficiency of monetary and fiscal policies.
• Third, I learned that nowadays, many
economics are also data scientists. So a possible
career path for me as an Economics student is
to learn about quantitative finance and business
computing.
39. 1. Dynamics of Monetary Policy and Products(1)
--Overview
40. 1. Dynamics of Monetary Policy and Products(2)
--Three Stages in Monetary Policies
41. 1. Dynamics of Monetary Policy and Products(3)
--How changes in monetary policies satisfied needs
42. 1. Dynamics of Monetary Policy and Products(4)
--Problems to be solved and a new research proposal1.
43. 2. Research Proposal(1) ——Question and Methodology
• Research question: How to increase the popularity of decentralized monetary
products?
• My proposal calls on companies to offer individual-based consulting services for
investors. By promoting a behavioral finance assessment along with the merits of
decentralized monetary products, people will be more likely to accept it.
• Problem it solves: User-adoption problem
• Methodology: Our company needs to recruit experts on cryptocurrency so that they
can create and simulate the behavioral experiment and help investors. Also, we
also need marketing experts to promote our service, the benefits of cryptocurrency
and UI designers to simply the user interface (maybe as handy as Alipay or WeChat
Payment).
44. Research
Proposal(2)
——Satisfying needs
and creating impacts
Satisfying needs: The public will better
understand the basics of cryptocurrencies and
their transaction will be more efficient, private,
and cheaper, so our product will gain its
popularity and make profit.
Intellectual Merits: We can publish papers in
scholarly journals and world conference to
present our practice on the behavioral
experiment.
Practical Impacts: For economic impacts, our
research improves efficiency of transactions, and
also make profits for us to reinvest. For social
values, it eases inflation and makes technology
more accessible to the public.
45. Research Proposal(3) ——Limitations
Potential Problems:
• Without considerable amount of data, we may not be able to create the most
reliable behavioral experiment.
• This proposal does not satisfy people’s need for a more secure system. The
code of smart contracts and virtual vault are vulnerable to hackers and they
may lose their wealth.
• The proposal does not satisfy the isolation problem of decentralized policy. We
need the privacy protection, but we also need to obey the law and
collaborate with traditional institutions and the monetary system.
46. Reference
GitHub URL: github.com/shixyqd/DKU_Econ204
Data Source: Our World in Data https://ourworldindata.org/grapher/urbanization-vs-gdp?time=2013, Accessed Dec.
6,2020
Liquity. liquity.org. Accessed Dec. 6, 2020
Pictures:
• https://ourworldindata.org/grapher/urbanization-vs-gdp?time=2013
• https://lookatthem.org/2020/01/07/top-20-economies-2020/
• https://lh3.googleusercontent.com/4BjZlAE9OBNmhZBsp0U87yOb5cesxSdzMB08Fd-
FJGnOS0ESv4y4Bb4lXc7lGothMWpe=s151
48. Useful Skills Acquired
Hard skills
• Python programming and
simulation
• Logic diagram by Lucid chart
• Microsoft software suite
Soft skills
• Attentive listening and
communication
• Teamwork and problem-solving
• Leadership and Creativity